‘New intellectual propertypolicy, a catalyst for development’

The National IPR Policy announced in May will bring about a vibrant intellectual policy ecosystem, which will in turn speed up economic, social and cultural development, said Justice M Jaichandran of Madras High Court.

The new policy will encourage creativity and stimulate innovation. It will give the much needed strength to companies that are involved in research and development, educational institutions and start ups, he said.

There is a need to create a systematic campaign for promotion of India’s IP strength by conveying to all stakeholders value and benefits of IP, he said at an interactive session of Leveraging Technology & Innovation for growth and Competitiveness through the New IP Policy, which the Centre announced in May.

A stable Intellectual Property regime will be an irresistible attraction to both domestic and foreign investors protect companies’ innovations and drive long term revenue and improve market positions, he said at a seminar.

National IPR Policy will identify opportunities for marketing Indian IPR-based products especially geographical indications, and services to a global audience, said a report released by Assocham in the meeting.

Smaller businesses should protect their products through trademarks. This will help them leverage their corresponding brand value towards business and social advantage. Trademarks would also ensure local and global competitiveness and portray a strong business presence, the report said.

The policy will coordinate and integrate development of IP systems in India and create a holistic approach on IP legal, administrative, institutional and enforcement-related matters that will in-turn prevent knowledge spill-over and contribute in gaining confidence of foreign investors, the report said.

Vinod Surana, Co-Chairman, Assocham Southern Region Development Council, in the report said that awareness, planning, resource on obligation and policy reforms are important parameters for generation, commercialisation and enforcement of IPR.

To foster creativity and innovation, the Policy has been structured in line with national initiatives such as Make in India, Digital India, Skill India and Start up India.